Zoglo’s Incredible Food Corp. announced that it has signed a non-binding letter of intent (“LOI”) to acquire a 50.5% interest in Monday Swiss UK Ltd., a leading European-based developer and manufacturer of innovative plant-based food alternatives. Monday Swiss’ experience in new product development will help ensure that Zoglo’s product portfolio continuously evolves to enable the Company to be a leader in the category in Canada and globally, an press release reads.
Established in 2012, Monday Swiss is a leading producer of a wide variety of plant-based food products and technology, including the Veggie Day and Monday Swiss lines, with a dedicated state-of-the-art facility. Monday Swiss has invested over USD3m in R&D over the past 5 years, servicing major customers such as Tesco, Holland & Barrett, Co-Op and leading on-line grocery retailer, Ocado, with leading edge whole-muscle plant-based technology.
The proposed acquisition will provide Zoglo’s the capacity to expand globally and provide its customers with the next generation of plant-based foods and is expected to increase annual sales by up to CAD6m from Monday Swiss, which would result in Zoglo’s annual revenue increasing by up to 200%.
“The proposed acquisition of Monday Swiss represents the beginning of Zoglo’s commitment to sustainable global expansion and leading plant-based food innovation” said Anthony Morello, CEO of Zoglo’s. “This acquisition creates a strong business for Zoglo’s in Europe and the U.K. in conjunction with its current evolving business in Canada and existing US business.”